Based on available statistics and history, the gold boom of 1800s has significant economic impacts on the USA and of course brought magnificent human migration into America.
This yellow substance (gold) was discovered by John Sutter in Northern California about 1848 and 90% of gold mined were extracted from the ground according to human history.
However, with technological advancement in all areas, the exploration of gold has become a major and booming business with indelible mark in the growth of US economy and migration to America.
In view of the above, it becomes pertinent to made mention of the following realities about gold and how it brings a turn-around in US economy;
1. 1852 statistics of gold. About 92% of the major key players in the gold booming business of that time were male while the insignificant female was assigned to ancillary services such as servers and brothel employees.
2. John Sutter’s mill. This was originally known as inception-base of gold mill situated in California. Despite the significant, unbeatable and unforgettable discovery (gold) of John Sutter, prevalent records shows that he was not rich by this ancient landmark discovery. In fact, information revealed that his workers abandoned the mill in search for gold and this mill was later over-run by prospectors.
3. Boomtown merchants. These were fully in control of the booming business of that time and they even generated more revenue than those in the actual business of gold mining. Due to the success of these merchants and the available captive markets gave birth to major companies of today, to mention but few, Wells Fargo, Studebakers and Armour Foods.
4. Mass migration into USA. This great discovery and adventure resulted to the biggest human migration in American history, initial with about 100, 000 people in California Territory compared with the 7, 000 non-indigenes as at January 1848.
5. The North Carolina experience. History tells us that 17 pound gold nugget was discovered in Cabarrus County in 1798 with about 30, 000 people involved. Really, this was not an eye-opener until the John Sutter discovery of 1848.
To this end, the gold boom shaped the US economy in the highlighted ways;
6. Booming merchants and commercial businesses were established. Sutter’s discovery brought a real turn-around in US economic activities. It was during this period that some of the major businesses and household names that we know today were established.
7. Massive population increase. Prior to Sutter’s gold discovery, records showed that about 150 people lived in Old Sacramento and California Territory having a population of few thousands. The 1848 gold search and business brings about exponential growth and geometric progression in the population of America.
8. 1850 financial union. That year, California was listed in the union of financial boom and the increased population made it a center of attraction to US politicians.
9. Massive growth in the agricultural and transportation sectors. During this period, more roads, bridges and railway lines were constructed and agricultural business and farming grew magnificently that California became self-sufficient in agricultural and food productions.
Now, intrinsically when we write about gold, we are not talking of fables but precious metals/bullion that can be trace back to human history. Furthermore, how you utilized this cogent information for your 401k and taxation planning will definitely have significant impact on your retirement, estate and old age. See you at the top.